
*====== ====== ====== ====== ====== ====== ====== ====== ====== ======*
*====== =====  Description of the replication package  	 ====== ======*
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*=== Article information 
{
 Do Institutional Investors Process and Act Upon Information? Evidence from M&A Targets 
 Forthcoming in The Review of Corporate Finance Studies 
 Kirak Kim, Ellie Luu, Fangming Xu 
}
...


*=== Instructions for the replication package 
{
*= Replication code and requirements 
 *Use Stata DO file "rcfs-replication-code.DO" to generate results reported in the article. 
 *REQUIRED: In line #7, define the Stata global variable "MyFolder" to set the file directory where all data files for replication should be stored (replace "INSERT_file_directory_HERE" with the corresponding directory). 
 *Additionally, note that a few Stata user-contributed commands may have to be installed for some analyses (if not installed, a Stata error message will show up). 
 
*= List of data files included 
 *Data file "rcfs-data-1-deal-rev.DTA" 	: Table 1, Tables 4-8, Tables 10-12, and Fig 1. 
 *Data file "rcfs-data-2-deal-zip.DTA" 	: Table 2, Table 3, Table A1, and Fig 3. 
 *Data file "rcfs-data-3-retention.DTA" : Table 9. 
 *Data file "rcfs-data-4-mtb.DTA" 		: Table A2.  
 *Data file "rcfs-data-5-panel.DTA" 	: Table A3 and Fig 4. 
 *Data file "rcfs-data-6-trends.DTA" 	: Fig 2. 
 
}
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